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Orus raises €5M to reinvent professional insurance for SMEs
July 6, 2022
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Less than a year after its creation, Orus - the insurtech company for small businesses - has raised €5M from Frst, Partech, Portage Ventures and around twenty business angels such as Pierre-Olivier Desaulle (ex-CEO of Hiscox Europe), Raphaël Vullierme (CEO of Luko), Christophe Triquet (ex-founder of MeilleureAssurance) and Arthur Waller (CEO of Pennylane).
This first round of financing will enable the start-up to double its headcount by the end of the year, accelerate its commercial development and launch new products.
Professional insurance - a €70bn market in need of digitization
While personal insurance began its digital transformation a few years ago with the emergence of numerous 100% digital players such as Luko, Leocare, Lovys and Acheel, professional insurance remains largely dominated by traditional players.
However,major insurers have neglected the SME market, deeming it too costly to serve these companies with products and services specific to each of their activities. As a result, 24 million European small companies (99% of all businesses) are still struggling to find simple, flexible and tailored offers.
It is to solve this essential problem that Côme Dartiguenave, Tom Le Bras, and Samuel Rossille decided to create Orus in May 2021. Amin Toussi joined them as Head of Insurance in March 2022.
"We believe that insurance is a social good to protect businesses. SMEs are the lifeblood of our economy and must be able to access the most suitable offer for their needs. Our mission is to create simple, efficient and affordable insurance to allow professionals to focus on what matters" says Côme Dartiguenave, co-founder and CEO of Orus.
Orus - 100% online professional insurance protecting SMEs in a few clicks
Orus has decided to go against the grain of traditional insurers by creating exclusive products dedicated to each sector of activity and offering a 100% digital, fluid and transparent customer experience.
The first offer, aimed at restaurant owners, is co-constructed with the insurer Wakam. It allows customers to purchase insurance directly online in less than 5 minutes, without any commitment, with all the essential guarantees brought together under a single policy. This cover includes a common base of guarantees (such as general liability, theft, fire, water damage, electrical damage, etc.) as well as some options such as legal protection and business interruption.
Orus is using technology to solve the complexity of professional insurance: reconciling large volumes with the need for multiple coverages tailored to very different professions.
"Our technology will allow us to offer products, assistance and prevention services to many small businesses, with a seamless experience and affordable prices," comments Côme Dartiguenave.
Orus optimizes the subscription process and offers customers a competitive rate in real time. The insurtech company is also focusing on customer service: through the development of its own back-office, specific internal tools and the automation of various processes, customer care agents can save time. Hence, they can better advise and support policyholders during the key steps of the process (subscription, life of the contract, renewal and claims).
New investors to boost Orus' growth
Less than one month after starting operations, Orus has already convinced several dozen restaurant owners to insure their businesses 100% online. This development will be amplified by the €5M financing round announced today:
"Orus is tackling the professional insurance market, which is more complex than others due to the multitude of insurance products, but also generates more value. Customers are more loyal and willing to pay a fair price for an efficient and transparent service. Orus has assembled an exceptional and complementary team to build a competitive product that is tailored to the many needs of its customers," said Alison Imbert, Principal at Partech.
The funds raised will enable Orus to accelerate its growth and double its workforce by the end of the year. The company intends to develop new products in the coming months in order to rapidly cover most business sectors and become a leader in professional insurance in Europe.
Orus develops exclusive, tailor-made insurance products for professionals in partnership with insurers like Wakam.
The startup was founded in May 2021 by an experienced team combining a strong knowledge of insurance and technology: Côme Dartiguenave and Tom le Bras (both formerly investors at Partech), Samuel Rossille (ex-CTO of Kapten, Frichti, and JobTeaser), joined by Amin Toussi (ex-Head of P&C partnerships and reinsurance at Generali).
Site : orus.eu
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Frst is a seed-focused VC dedicated to entrepreneurs building global-scale companies out of the French ecosystem. With €150m+ under management, Frst has invested in leading European companies such as Payfit, Owkin, Pigment, Castor and Electra.
Born in San Francisco and Paris, Partech is one of the most active tech investors in the world, bringing together capital, operational experience, and strategic support for entrepreneurs at seed, venture and growth stages. The current portfolio is made up of 200+ companies in more than 30 countries, of which 16 are valued at more than $1B, including: Alan, Jellysmack, ManoMano, Merama, People.ai, Rohlik, SellerX, Sorare, Toss, Wave, Xendit, Zepz.
About Portage Ventures
Portage Ventures is a global fintech investor with $3 billion under management that partners with some of the world’s most innovative financial technology companies. The Portage team has deep entrepreneurial and industry experience and provides founders with privileged access to the firm’s partners, in-house value creation experts, and a broader global ecosystem. Portage is the venture capital arm of multi-strategy alternative asset manager Sagard. The firm has offices in Toronto, Montreal, New York, Paris, and London.
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